Islamabad: Pakistan will need to invest more than $100 billion to achieve a carbon-neutral energy sector for a policy shift towards renewable energy.
Climate Ministry officials disclosed this information while briefing the Senate Standing Committee on Climate Change. Officials said that $50 billion will be required to achieve the 60 percent target of renewable energy by 2030.
$18 billion is required for the full implementation of the NICA Plan (2023-2030), and the role of the Global Environmental Facility and the Green Climate Fund is very important for the implementation of these plans and achieving the goals.
The Senate Standing Committee on Climate Change, chaired by Sherry Rehman, was briefed on the Electric Vehicle (EV) Policy by officials from the Ministry of Industries and Production.
The Secretary of the Ministry of Climate Change stressed that it is very important to introduce electric vehicles in public transport to reduce carbon emissions.
The Secretary said that the country is committed to adopting 30 percent electric vehicles by 2030. However, the committee chairperson noted that pollution from other sources is spreading more into the environment than vehicle emissions. Officials from the Ministry of Industries and Production told the committee that the Prime Minister has formed a steering committee on electric vehicle policy.
The committee chairperson Sherry Rehman, expressing concern, said that it is regrettable that the authorities do not even know the exact number of local EV manufacturers, she criticized the Ministry of Industries and Production for its lack of preparation and inadequate response regarding the EV policy.
The chairperson questioned the officers on how they plan to operate electric vehicles without a clear strategy.
She reprimanded them for attending the meeting unprepared and failing to present a concrete plan for implementation.
Sherry Rehman stressed that the government cannot stop solarization by amending the net metering regulations and urged the Ministry of Climate Change to oppose any policy that discourages consumers from adopting solar energy.
Federal Minister Owais Leghari stressed that the solar revolution is already underway in the country, reminded the committee that they had introduced net metering regulations in 2017 and assured that there are no plans to discourage solarization.
Senator Zarqa Taimur urged the government to reduce transmission losses and stressed that there should be no changes in the contracts entered into under net metering.
The Energy Minister warned that if the regulations are not changed, a burden of Rs103 billion will be imposed on other consumers. The Federal Minister said that the Ministry of Energy has set a target of 60% renewable energy by 2030, which is essential for sustainable development.
